A recent insurance survey has highlighted a surprising number of empty homes in London, with close to 90,000 properties sitting vacant, collectively valued at approximately £130 billion. While London tops the charts in the UK for the most unoccupied homes, this issue extends far beyond the capital.
Across the country, countless properties remain tenantless, raising significant security concerns for those overseeing their upkeep amid a persistent shortage of construction materials and fixtures.
This article will examine the extent of the empty property issue, the total value at stake, and the correlation between vacant homes and rising crime rates in various areas.
The Ten UK Cities With the Most Empty Residential Homes
While London leads with a striking figure of 87,731 empty homes, the issue spans several other major cities throughout the UK. Here’s a breakdown of the cities that follow London in having the highest numbers of unoccupied residential properties:
- Manchester – 8,024
- Bournemouth – 7,213
- Birmingham – 6,975
- Bradford – 6,056
- Leeds – 4,857
- Coventry – 4,399
- Bristol – 3,725
- Brighton and Hove – 3,388
- Reading – 2,595
The total of vacant homes in these cities reaches nearly 135,000, with a combined value estimated at £146 billion. This considerable sum and the significant number of empty properties pose concerns for insurers due to heightened risks and increased vulnerability to crimes.
Reasons Behind the High Number of Vacant Properties in the UK
Multiple factors contribute to the high number of unoccupied homes throughout the UK.
- Financing Delays: Many properties remain vacant as owners wait for financial support to undertake necessary renovations or repairs.
- Subdued Market Values: In areas where housing market values are low, owners might delay selling their properties, hoping for a market rebound that offers higher returns.
- Construction Delays: Some long-term investments or development projects are put on hold due to ongoing shortages of materials and extended timelines in construction.
- Tax Liabilities: Complications such as inheritance tax or other unpaid taxes on properties received from estates can leave homes unoccupied.
- Tenant Issues: Properties may also stay vacant in between tenants, especially following issues with previous occupants or challenges in finding reliable tenants.
- Planning and Usage Restrictions: Local planning restrictions on property occupancy or intended property use changes can also prevent properties from being occupied.
The Impact of Vacant Properties
Vacant homes represent about 3% of all housing stock in the UK. With initiatives aimed at preserving green spaces and reducing new developments, the focus has shifted towards repurposing these existing empty properties.
Of these vacant properties, roughly 1.6% are owned by private sector individuals who bear the financial burden of maintaining security and covering repair costs in case of incidents such as break-ins or vandalism.
Strategic Focus for Property Owners
For those holding onto vacant properties, prioritizing security measures is crucial. Both short-term and long-term strategies are essential to protect the property’s condition, ensuring its value does not diminish and it remains secure from criminal activities.
Security Issues Linked With Vacant Homes
Few property owners wish to deal with an unoccupied residence, but filling a vacancy or addressing problems related to planning or refurbishments often requires significant time. During these periods, several complex issues might arise, impacting not just the vacant property but also those nearby:
- Arson and Fire Hazards: Vacant homes frequently become targets for arson. Furthermore, issues such as gas leaks, faulty wiring, and damp conditions can lead to accidental fires.
- Squatters: In urban centers, squatters may quickly take up residence in empty properties. These unauthorized occupants are often challenging to remove and might inflict considerable damage.
- Burglary: Criminals target empty homes to steal materials such as metals, roofing tiles, radiators, windows, doors, and timber.
- Health and Safety Risks: Empty properties can become breeding grounds for vermin and may have issues with contaminated water and disused sewage systems. General neglect can also lead to structural dilapidation, posing health hazards to the neighborhood.
These challenges can create significant ongoing expenses, far exceeding the cost of immediate repairs or replacements, and typically result in higher insurance premiums for empty properties due to the increased risk.
The Impact of Vacancy on Property Values
Homes that have been targets of crime often see a drastic decrease in their market value, and similar fate befalls those that are not maintained well. A property that has fallen into disrepair can devalue by as much as 25%, a loss that can extend to neighboring homes.
Regular maintenance and inspections are vital to maintaining a property’s value, no matter how long it has been vacant.
Structural issues such as eroding bricks, cracking render, or peeling paint can become so severe that the cost of repairs may exceed the property’s value. This deterioration can lead to significant problems, like roots interfering with the building’s foundations.
In extreme cases, a property may become so dilapidated that repairs are not economically viable, often exacerbated when insurance does not cover all damages, making it impractical to restore the home to a livable state.
Securing Vacant Properties Against Criminal Activity
Before disregarding an empty property as merely a financial liability, property owners are encouraged to adopt proactive measures to secure these spaces. Effective protection not only prevents depreciation but can also enhance a property’s market value.
Many local councils are implementing brownfield development initiatives, providing an excellent opportunity to market these unoccupied properties while contributing to alleviating the housing shortfall.
Nevertheless, properties that suffer damage from theft, arson, or unauthorized occupants are likely to be appraised at significantly reduced values.
Available security measures are practical and can be swiftly executed:
- Steel security doors can block unauthorized entry, with the option for keyless access systems that facilitate entry for contractors or authorized visitors.
- Steel security screens can prevent the theft or breaking of glass and eliminate potential entry points.
- Additional deterrents include mobile patrols, canine units, or regular security inspections to discourage illicit activities.
Surveillance Techniques for Vacant Properties
For properties without occupants, CCTV systems and property alarms powered by solar-charged batteries offer an ideal solution. These systems operate independently of traditional power sources and are designed to withstand tampering.
Services that provide lock-up and opening with an accredited keyholder ensure that properties remain secure during vulnerable times. These services guarantee that the premises are secured after visits by authorized personnel.
Keyholding services are particularly valuable, enabling security personnel or emergency services to respond to alarms at any hour, which is convenient for property owners who reside far from the property.
While many alarm activations may be non-critical, having a dedicated security responder available can address numerous potential threats swiftly, ensuring the property owner can react quickly if a genuine breach occurs.
Since 1992, Clearway has secured a reputation for safeguarding vacant properties and their associated assets. As a prominent provider of security, environmental, and property services in the UK, we have honed a robust set of tools to protect your crucial assets efficiently.
Operating from 14 locations across the UK, we specialize in securing vacant properties in diverse regions, including the North West and Wales, the North East, London, the South East, and Scotland.
Our services cover both residential and commercial properties, and we collaborate closely with property managers, landlords, estate agents, local authorities, retail businesses, major hotel and leisure groups, and housing associations throughout the UK.
Our industry-certified solutions often operate independently of mains electricity and telephone services, which can help reduce ongoing utility expenses related to security measures. Most critically, our services provide peace of mind.
To learn why we are the preferred security partner for numerous UK businesses, contact our vacant property management team today.